A further five countries have signed the OECD's Multilateral Competent Authority Agreement for the automatic exchange of country-by-country (CbC) reports, bringing the total number of signatories to 44.

The US and Switzerland have agreed that Swiss bank account owner identities can remain confidential for purposes of the Foreign Account Tax Compliance Act (FATCA) in some instances where the account is held by the owner’s attorney or notary, reports MNE Tax.